Energy Harvesting Market Trends

Introduction

By 2024, the Energy Harvesting Market will have been radically transformed by a combination of macroeconomic factors. Technological advancements in energy conversion and storage will increase the efficiency and practicality of energy harvesting solutions, and will thereby make them more attractive to a wider range of industries. While at the same time, government initiatives to reduce carbon emissions and promote sustainable practices will force companies to adopt energy harvesting. Also, changes in consumer behavior towards “green” products and practices will drive demand for energy solutions that align with the goals of sustainable development. These macroeconomic trends are important for market participants, as they not only offer opportunities for innovation and market differentiation, but also compel them to adopt a pro-active approach to meet the demands of regulators and consumers.

Top Trends

1. Increased Adoption of IoT Devices
   The proliferation of IoT devices is driving the demand for energy harvesting solutions, as these devices require a sustainable power source. The integration of energy harvesting technology into IoT products by companies such as Honeywell increases the operating efficiency of these products. By 2025, according to industry reports, more than 75% of new IoT devices will be powered by energy harvesting. This trend will reduce the use of batteries, which will lead to a reduction in operating costs and lower the impact on the environment.
2. Government Incentives for Renewable Energy
   Governments everywhere are making efforts to encourage the use of renewable energy sources, including energy-harvesting devices. For example, the European Union has allocated a large sum of money to projects aimed at harvesting energy from smart cities. This support is expected to accelerate innovation and the spread of these devices, and the allocation is expected to increase by 30 per cent in the next five years. Such measures will boost market growth and encourage private investment.
3. Advancements in Piezoelectric Materials
   Recent developments in piezoelectric materials have made it possible to increase the efficiency of energy harvesting devices. The research conducted by companies such as ABB has improved the conversion efficiency of mechanical energy to electrical energy. The new piezoelectric materials have been found to improve the efficiency of energy conversion by up to 50%. This development will expand the scope of applications for energy harvesting devices in a wide range of fields, such as automobiles and machinery.
4. Integration with Smart Grids
   Energy harvesting systems are increasingly being integrated into smart grids to improve their energy efficiency. Fujitsu, for example, is collaborating with energy suppliers to develop and implement harvesting systems that are integrated into the smart grid. This can reduce energy losses by up to 20 percent. As smart grids continue to evolve, harvesting will become a key element in the smart grid, enabling energy to be distributed and used more efficiently.
5. Focus on Sustainability and Carbon Neutrality
   The worldwide trend towards sustainability has pushed the energy harvesting system to the forefront, and now companies are trying to become carbon-neutral. And companies like Microchip Technology are developing products that can help them to achieve their carbon-neutral goal. In a study by the University of Cambridge, companies that adopt energy harvesting can reduce their carbon footprint by up to 40%. And this trend is expected to affect companies’ strategies and their investment in green technology.
6. Emergence of Wearable Technology
   The development of portable devices is opening up new possibilities for energy harvesting. Wearables, for example, require power sources that are both small and efficient. Green Peak Technologies has developed an energy harvesting solution for wearables. Market research shows that the energy harvesting rate in wearables will grow from 1% to 0.25 by 2026. This trend will improve the users’ experience and prolong the life of the devices.
7. Development of Hybrid Energy Systems
   In the market, hybrid energy systems are gaining in popularity. Enocean is working on systems that combine solar and tidal energy. This approach increases the energy yield and the energy reliability. Studies have shown that the yield can increase by as much as 35%. This trend is likely to lead to more versatile applications in various industries.
8. Enhanced Energy Storage Solutions
   The development of advanced energy storage systems complements the development of energy harvesting. Companies such as Texas Instruments are working on highly efficient storage devices to store the energy harvested from different sources. Energy storage is expected to increase the availability of energy by up to 50%. Energy harvesting and energy storage will combine to provide a more reliable source of energy for remote and off-grid applications.
9. Rise of Smart Home Applications
   In the field of smart home, energy harvesting is becoming increasingly important for the sustainable operation of devices. For example, the Levant Power Company is integrating energy harvesting into its smart home systems, thus reducing the dependence on conventional power sources. The market research company IDC expects the energy harvesting-based smart home devices to grow by a factor of 40 percent over the next few years. The trend will be accelerated by the interest of consumers in energy-efficient home solutions.
10. Collaboration Across Industries
    In the meantime, the collaboration between technology companies and industry is promoting the development of energy-harvesting solutions. For example, Arveni and the automobile industry are developing harvesting systems for vehicles. This is expected to shorten the development cycles, and the number of such collaborations is expected to increase by twenty percent over the next three years. Competition will be increased in the market, and innovation will be facilitated.

Conclusion: Navigating the Energy Harvesting Landscape

Energy harvesting is characterized by an intense competitive environment and high fragmentation. Both new and old players compete for market share. In terms of regional trends, a greater focus on innovation and on green energy is emerging, particularly in North America and Europe, where the regulatory framework is becoming increasingly supportive of green technology. Strategically, suppliers are concentrating on developing advanced capabilities, such as artificial intelligence, automation and flexibility, to enhance their product offerings and operating efficiency. These companies will likely be the ones to lead the market in the future.